Which of the following cases was most important for ensuring the United States an internal common market? (a) Charles River Bridge v. Warren Bridge (1837) (b) McCulloch v. Maryland (1819) (c) Gibbons v. Ogden (1824) (d) Dartmouth College v. Woodward (1819) ANSWER (c)
Date: September 10th, 2020
The New Deal reduced (a) government involvement in private affairs. (b) individual liberty. (c) taxes. (d) rent-seeking. ANSWER (b)
Date: September 10th, 2020
In the Keynesian model, a Federal Reserve sale of government securities in the open market will a. raise the level of income and lower the interest rate. b. raise the level of income and raise the interest rate. c. lower the level of income and the interest rate. d. lower the level of income and […]
Date: September 10th, 2020
Which of the following accurately describes condemnation by right of eminent domain? (a) It involves the redistribution of property first owned by the government to private businesses. (b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period. (c) The benefits can be diverse and […]
Date: September 10th, 2020
Why does popular democracy, as defined in the U.S. Constitution, contribute to long-term economic growth and political stability? (a) It allows regular change in the structure of the government. (b) It provides incentive to invest, innovate and invent. (c) It permits the President of the U.S. to choose fiscal policies to advance contemporary mercantilism. (d) […]
Date: September 10th, 2020
The Open Market Committee is composed of a. the 7 members of the Board of Governors. b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York. c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 […]
Date: September 10th, 2020
Regarding the privilege of incorporation (the right to organize an enterprise in the corporate form), all of the following are true except (a) It gives a business firm limited liability, perpetual life and the rights of a citizen. (b) It is not provided for directly by the Constitution because, apart from state governments, the Constitution […]
Date: September 10th, 2020
By 1913, steel making by Bessemer converter had been completely surpassed by (a) continuous casting integrated mills. (b) the Basic Oxygen furnace. (c) electric furnaces. (d) open hearth furnaces. ANSWER (d)
Date: September 10th, 2020
Why does the history of the U.S. matter? (a) Historical knowledge helps us understand the forces that shaped the current economy. (b) The lessons of the past help us avoid future mistakes. (c) Historical knowledge helps us identify who or what is most likely to fuel future economic prosperity. (d) All of the above. […]
Date: September 10th, 2020
A government fulfills a protective function when it (a) gives cash payments to the poor. (b) provides funds for flood control projects and builds highways. (c) prevents illegal seizure of private property. (d) redistributes income. ANSWER (c)
Date: September 10th, 2020
